Bitcoin Betting

There is a new trend in the world of online betting – and it just might be a game changer. Thanks to the popularity and innovation of cryptocurrencies, gamblers from around the world are enjoying anonymous access to a world of bitcoin betting never seen before. This surge started with many popular sites simply accepting bitcoin as a withdrawal and deposit option but now casinos and sportsbooks dedicated solely to bitcoin are at the forefront of the industry.

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What is Bitcoin Betting?

Before you understand the meteoric rise in popularity of Bitcoin betting – it’s first important to comprehend just what it is. Bitcoin is a digital currency meaning at this time there are no papers or coins associated with the money. Bitcoin was created in 2009 and features all balances kept in ‘the cloud’ on a public ledger. Payments are made on a peer-to-peer basis but each transaction is recorded and verified by keys, which are long strings of numbers and letters similar to a bank account.

Bitcoins need to first be purchased through an online wallet using traditional financial methods. Once converted, they can be transferred anonymously to a sportsbook or casino. Once deposited into the account, bets can be made in US dollars, euro, and many other types of standard currency. One bitcoin is actually roughly $14,000 US dollars (likely to be different at time of reading) so bitcoin betting in fractions can be confusing. Winnings are then converted back to bitcoin and withdrawn to the online wallet.

What Led to the Rise In Bitcoin Betting Popularity?

One of the major reasons that BTC betting has become such a trend is simply because of access. For United States gamblers as well as those in the UK, Croatia, and other countries betting online has become a restricted activity. Local governments disallowed their financial institutions to supply funds for offshore betting. With bitcoin betting, funds can be added anonymously meaning players can deposit money without disclosing any personal information – including location.

The deposit process itself is why people are opting for bitcoin betting – even if their home country allows online betting in all forms. First off, bitcoin transactions are completed in under two hours and most of the time instantly. This saves from the extensively long wait times that are found in bank wire transfers and moneygrams, many of which require multiple verification of ID.

Bitcoin deposits are also less expensive. Credit card processors charge fees on every deposit and withdrawal whereas most bitcoin betting sites allow transactions free of charge. This means that more of your deposit can go into the actual wagering instead of for using the service that credit card companies provide. There is also no interest to accrue on a bitcoin purchase like there is when using the credit card. Find out more on how to buy Bitcoin here.

What Are Some of the Bitcoin Betting Gripes?

Another big advantage of gambling using bitcoin is the fact that it’s still a new technology. Processing times are improving and new bitcoin casinos and sportsbooks are surfacing every week. Unfortunately, bitcoin itself is not a regulated currency and since it’s anonymous there’s no recourse for lost wages or casinos that suddenly board up their virtual doors. Therefore when you choose to bet with bitcoin, you need to do it responsibly. Research different sites and only put your money into reputable casinos that have demonstrated a proven track record.

Perhaps the only other major disappointment that people have with bitcoin betting sites is their overall lack of deposit bonuses and promotional codes. With the anonymous nature of bitcoin betting sites it’s just too risky for casinos and sportsbooks to match deposits when a person may be using numerous multiple accounts. As the market is getting more competitive however, we are starting to see an influx of sites that are starting to provide deposit bonuses and other promotions.

Bitcoin Betting Games Available

One thing to remember is that bitcoin is just another form of currency – albeit an online only one. This means that nothing about the actual wagering has changed. You still place sports bets in the same manner or visit the virtual casino slots and table games just like you would with traditional money. The only thing real difference between bitcoin casinos and traditional models is how you get those funds into the account.

If anything, the use of bitcoin to wager online has lead to a development and advancement of the betting experience. Games have arisen such as Bitcoin dice. In this game you simply choose a number between 0-100 and bet BTC on whether the result of the roll will go ‘over’ or ‘under’. You dictate your odds depending on what number on the slider you choose (higher payout for going ‘over’ 80 compared to 10 for example).

Sites such as Betmoose are taking full advantage of the peer-to-peer aspect of bitcoin transfers and allowing users to create their own wagers terms on anything in the realm of sports, politics, finance, entertainment. Other visitors can then stake action on the prop effectively making users of that site ‘the house.’

What is the Future of Bitcoin Betting?

What’s great – yet also worrisome for others – is that the future of bitcoin betting is untapped potential. New types of games will surely arise and transaction methods will become even easier. Countries around the world are already installing bitcoin ATM machines to make it much more efficient to buy and sell BTC without having to deal with an online wallet and deposits from your financial institution.

It’s important to remember that bitcoin is also unregulated so theoretically the whole operation could implode. China has put a ban on bitcoin – but there’s signs that it may be only temporary. When you consider the fact that 1BTC used to be valued at just $0.39 in 2010 but is valued at over $14,000 in 2017 it’s hard not to see the technology sticking around.

As more and more bettors are seeing the advantages of using bitcoin compared to traditional currency for online betting – it could be the dollar, euro, etc. that begin begging users to come back.

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